Ken Walters, a residential real estate developer and builder based here, has acquired various inventory and other assets from closed manufacturer P.A.M.A. Furniture.
P.A.M.A., an upper-end case goods and upholstery resource since the 1970s, filed for Chapter 7 bankruptcy last July and proceeded to liquidate its assets.
Walters told Furniture/Today the assets he purchased include finished and unfinished furniture. The finished items range from upholstered chairs and barstools to accent tables. The unfinished assortment includes chair and sofa frames, ottomans and table tops.
The purchase also includes office furniture and some of the company's proprietary design patterns.
He did not reveal a purchase price, but said it was less than the $245,503 asset value mentioned in the company's original filing.
Walters said he heard about the company last fall and soon after, took a look at the assortment and decided to place a bid. He said the purchase, which was completed in early May, "was an impulse with me."
Walters has moved the inventory to a warehouse in Fuquay-Varina. He plans to sell the finished and unfinished pieces to interested individuals or companies, but does not have any immediate plans to restart the business.
"The more I see happening out there, the timing may be right," he said of the asset purchase. "The consumer is getting more confidence, and big money is coming off the bench now and starting to go into the economy."
